Treasury prices are modestly higher this morning amid a weaker tone in risk markets again overnight. A Reuters article suggests the Bank of Japan has begun “stealth tapering” of its ETF holdings according to some analysts, and the Turkish lira fell another 5% versus the dollar ahead of an expected downgrade by S&P. The Fed released the topic of Jerome Powell’s Jackson Hole speech next Friday. The Fed Chair will address “monetary policy in a changing economy.” S&P 500 futures are currently down 7 points, and the 10-year Treasury yield is 2.86%.

Jason Haley
Managing Director, Investment Management Group

Date TimeEventSurveyActualPriorRevised
08/14/2018NFIB Small Business Optimism106.8107.9107.2
08/14/2018Import Price Index MoM0.00%0.00%-0.40%-0.10%
08/14/2018Import Price Index ex Petroleum MoM0.10%-0.10%-0.30%-0.40%
08/14/2018Import Price Index YoY4.50%4.80%4.30%4.70%
08/14/2018Export Price Index MoM0.20%-0.50%0.30%0.20%
08/14/2018Export Price Index YoY4.30%5.30%
08/15/2018MBA Mortgage Applications-2.00%-3.00%
08/15/2018Empire Manufacturing2025.622.6
08/15/2018Nonfarm Productivity2.40%2.90%0.40%0.30%
08/15/2018Unit Labor Costs0.00%-0.90%2.90%3.40%
08/15/2018Retail Sales Advance MoM0.10%0.50%0.50%0.20%
08/15/2018Retail Sales Ex Auto MoM0.30%0.60%0.40%0.20%
08/15/2018Retail Sales Ex Auto and Gas0.40%0.60%0.30%0.20%
08/15/2018Retail Sales Control Group0.40%0.50%0.00%-0.10%
08/15/2018Industrial Production MoM0.30%0.10%0.60%1.00%
08/15/2018Capacity Utilization78.20%78.10%78.00%78.10%
08/15/2018Manufacturing (SIC) Production0.30%0.30%0.80%
08/15/2018Business Inventories0.10%0.10%0.40%0.30%
08/15/2018NAHB Housing Market Index676768
08/15/2018Total Net TIC Flows$114.5b$69.9b$69.2b
08/15/2018Net Long-term TIC Flows-$36.5b$45.6b$45.5b
08/16/2018Initial Jobless Claims215k212k213k214k
08/16/2018Continuing Claims1738k1721k1755k1760k
08/16/2018Philadelphia Fed Business Outlook2211.925.7
08/16/2018Housing Starts1264k1168k1173k1158k
08/16/2018Housing Starts MoM7.40%0.90%-12.30%-12.90%
08/16/2018Building Permits1310k1311k1273k1292k
08/16/2018Building Permits MoM1.40%1.50%-2.20%-0.70%
08/16/2018Bloomberg Economic Expectations5753.5
08/16/2018Bloomberg Consumer Comfort58.959.3
08/16/2018Mortgage Delinquencies4.36%4.63%
08/16/2018MBA Mortgage Foreclosures1.05%1.16%
08/17/2018Leading Index0.40%0.50%
08/17/2018U. of Mich. Sentiment9897.9
08/17/2018U. of Mich. Current Conditions114.4
08/17/2018U. of Mich. Expectations87.3
08/17/2018U. of Mich. 1 Yr Inflation2.90%
08/17/2018U. of Mich. 5-10 Yr Inflation2.40%